Iraqi Dinar Holders Fintech Cross Border Pymts Banking (Uncut) 02-01-2025

Iraqi Dinar Holders Fintech Cross Border Pymts Banking, Budgets, Gold, Infrastructure Development

Chief Executive Officer at the IFI expressed pride in delivering the important trainings to the National Bank of Iraq, stating that it represents a significant step towards enhancing the regulatory framework surrounding cross-border payments in Iraq. Welcome back to Newsroom. I’m Chell Smith with your Middle East US entertainment news here on YouTube.

I air on Fridays, bringing you the latest on reforms and economics of Iraq based on reports put out by the Middle East news media outlets. I do this weekly review and it’s based off my interests. Thank you everyone for joining me.

Last week, we talked about peace team boost, Trump inauguration, banknote upgrades, laws finally passed, a digital leap forward, accounting reforms, banking access expansions, bank certifications, devos, the private sector, and so much more. Let’s take a look at this week’s headlines. This article is super huge for Iraq and it’s telling you what’s going on all in one article.

The Institute for Financial Integrity, the IFI, has launched financial integrity and cross-border payment training programs for National Banks of Iraq, the NBI, they’re preparing them, in partnerships with the Central Bank of Iraq, the CBI, and the K2 Integrity. The program aims to improve the Iraqi financial integrity by ensuring cross-border payments from Iraq complied with legal requirements, regulatory expectations, and global standards. This training program is designed for the NBI employees to create a community of financial integrity experts, facilitating the global anti-money laundering, the AML, and counter financing of terrorism, the CFT standards, and promote a culture of financial crime compliance and risk management.

This program will deliver live and online through IFI Dolphin’s platform, featuring an in-depth live training session, an e-learning library featuring expert videos, practice case studies, and resources to support the ongoing compliance effort. Grant Kreff, Chief Executive Officer at the IFI, expressed pride in delivering the important trainings to the National Bank of Iraq, stating that it represents a significant step towards enhancing the regulatory framework surrounding cross-border payments in Iraq and benefiting from the border international financial community. Reminding you that back in October of 2024, the Iraqi government was focusing on fintech innovation and monitoring its digital financial systems ecosystem through regulatory initiatives.

Prime Minister Mohamed Shihau Sudani had directed the Ministry of Planning to create a national budget for digital payment systems and form a partnership with financial and technology institutions. Financial institutions are mandated to upgrade their digital and technical systems to meet international standards, including anti-money laundering and fraud prevention. Advanced cybersecurity measures are also required to safeguard the banking system from cyber threats and ensure business continuing during this crisis.

The Central Bank of Iraq, the CBI, issued guidelines outlining the requirements for establishing digital banks in Iraq, defining the licensing mechanisms and specification compliance and security standards. Around 70 entities had submitted license applications to the CBI, reflecting growth interest from local and international players. Despite those developments, cash remains the dominant payment method in Iraq, with many entrepreneurs and businesses finding it frustrating.

Despite those developments, cash remained dominant in Iraq, with many entrepreneurs and businesses frustrated about the digital payments and are not widely used, and access to foreign markets was limited. A meeting between the Kurdistan Regional Government, the KRG, and the Iraqi Federal Government concluded on Friday, which is today, discussing budgets and salary issues for the Kurdistan region. Although no financial agreement was reached, progress has been made and negotiations are set to continue.

The discussions focus on determining the KRG Ministry of Finance’s total funds for 2025, separating pension lists for employees reaching 60, and preparing salary reviews. And earlier in the week, Iraqi Central Bank Governor Ali Mohsen Alawak met with U.S. delegation to discuss strengthening economic and banking ties. The meeting emphasized the importance of investment in energy, infrastructure, and technology, and is transitioning to foreign transfers.

And Baghdad Secretary of Commerce Ether Daoud Al-Ghiri met with the U.S. Charged Affairs Ambassador Daniel Rubinstein, along with the top American business leaders, to discuss strengthening economic ties between Iraq and the United States. The ministry emphasized Iraq’s commitment to economic reforms and improving the financial climate. He highlighted efforts to resume Iraq’s World Trade Organization extension talks and called for the increased U.S. business presence, including a Made in America exhibition.

U.S. officials welcome Iraq’s reforms, with delegations of American investors set to visit in April. Both sides pledged to enhance trade and investment cooperation. The coordination framework representing Iraq’s Shiite political forces has dismissed concerns over potential U.S. sanctions under President Donald Trump’s administration.

MP Ali Nima stated that the fears of economic penalties are unfounded, emphasizing Iraq’s stable role with Washington. Financially, the signals confidence in continued U.S.-Iraqi trade and investments and ties, re-ensuring markets weary of potential disruptions. With Iraq seeking to strengthen diplomatic and economic cooperation, analysts expect stability in foreign investments.

Meanwhile, U.S. political shifts could still impact the future of economic policy. Iraq’s gold reserves stand at an impressive 152 tons, valued at approximately $14 billion, according to Prime Ministerial Adviser Mouser Mohammed Shaleh. This makes up for 13 percent of Iraq’s foreign investment portfolio, strengthening financial stability and national currency confidence.

Financially, gold reserves are a especially during currency viability and global uncertainty. With raising gold prices aimed at U.S. political transitions, Iraq’s monetary authority remains cautious, ensuring a balanced investment strategy. Could this impact Iraq’s future economically? We will see.

A lot of partnerships going on in Iraq. In Baghdad, Planning Minister Mohammed Ali Tamim met with World Bank Vice President to discuss funding for strategic development projects. Talks focus on financing Iraq’s railways linked to Turkey, electrical interconnections with Saudi Arabia and Kuwait, and infrastructure improvement, including highways and Baghdad International Airport.

Financially, this could attract significant international investment, boosting economic diversification and long-term growth. The World Bank reaffirms Iraq as a priority in its future plan, signaling strong global confidence in the country’s development efforts. Iraqi President Abdul Latif Jamil Rashid confirms Tuesday that armed fractions are now operating under the directives of the government, emphasizing the popular mobilization as part of Iraq’s security forces, making integration with the Ministerial of Defense and Interior unnecessary.

Rashid reassures that the Iraq security situation remains stable and relations with neighboring countries are positive. Financially, Iraq is focusing on improving infrastructure and attracting regional and European investments. The President also stressed that Iraq’s sovereignty responding to foreign comments as internal matters.

Prime Minister Mohammed Shihau Sudani met with the World Bank Vice President for the Middle East and North Africa, Othman Dan, to discuss Iraq’s development projects and cooperation with the World Bank. The two leaders highlighted the government’s focus on boosting the non-oil economy and job-creating alongside continued economic reform supporting the private sector. Al-Sudani praised the World Bank partnership in Iraq’s reform efforts, particularly in the custom and tax field.

The meeting also covered financing for key infrastructure projects, new initiatives to energy and the private sector. And the Iraqi Parliament is preparing to vote on an amendment to the federal budget law, a key step towards creating a local framework for cooperation between the federal government and the Kurdistan Regional Government, the KRG, in managing oil resources. Heran Kamal Al-Ghaw, leader of the Patriotic Union of the Kurdistan PUK bloc, expressed support for the amendment, highlighting its potential to improve transparency in the oil sector and boost state revenues.

The amendment will establish a cost of $16 per barrel for oil extraction in the Kurdistan region, with final figures to be confirmed within 60 days. The move is expected to legitimize the oil file once the state organization for marketing of oil, the SOMO, oversees exports. The Financial Committee of Iraq’s Parliament has already approved this proposal, which includes paying the Kurdistan region on advance for oil productions and transportation costs.

The amendment aims to resolve ongoing disputes and enhance the management of Iraq’s oil resources, benefiting both the federal government and the KRG. And you’ve been watching Newsroom Weekly Review. I’m Chell Smith with your Middle East U.S. entertainment news on reforms and economics of Iraq, bringing you all the latest in our news without having to keep up with all the different outlets.

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Well, it’s last Friday of the month, January 31st. Let’s get out of here early. Again, thank you for being a subscriber, and thank you for visiting Newsroom.

Chell Smith for your trusted dinar news. I’ll see you guys next week. Take care.

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